Perth, Australia (ABN Newswire) - Carnarvon Petroleum Limited ("Carnarvon") (ASX:CVN) (OTCMKTS:CVONF) is pleased to provide the following update on the Dorado-1 well that is to be drilled in the WA-437-P exploration permit using the Ensco-107 jack-up drilling rig.

The rig is currently situated near the proposed Dorado-1 drilling location, at no cost to Carnarvon, and is waiting for swell conditions to subside to enable the rig to move onto the drilling location.

Once on location the legs will be jacked down onto the seafloor and the rig prepared for commencement of drilling.

The Company is simultaneously drilling the Phoenix South-3 well in the adjacent WA-435-P permit using a semi-sub rig. This well is currently setting casing at 3,733 metres (measured depth) before drilling ahead to the Caley formation target at around 5,300 metres.

Refer to previous announcements available on Carnarvon's website www.carnarvon.com.au for details of the significant gas and condensate being targeted by this well. <pre>Carnarvon Petroleum 20%

Quadrant Energy (Operator) 80% </pre>

About Carnarvon Petroleum Limited:

Carnarvon Petroleum Limited is an oil and gas exploration company, listed on the Australian stock exchange (ASX:CVN), Frankfurt (FRA:CJB) and US OTC (OTCMKTS:CVONF). Carnarvon has an extensive acreage position in the North West Shelf of Western Australia that is designed to offer investors high alpha leverage to the energy sector. The company's near term focus is on maturing oil, gas and condensate discovered in its Phoenix project, with partner Quadrant Energy, and on bringing into production oil from the Buffalo field.

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